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This is a sample of how to properly submit your loan request to a HM lender and get your loan funded.
This shows your lender that you have done your
homework and throughly understand your real estate deal.
1 | P a g e
EXECUTIVE SUMMARY
PROJECT DESCRIPTION—R&H Holdings will acquire Lot 15 Blk B Brookhollow Sec 1
known as . The purchase price is $85,000 with the closing
scheduled for 02/25/2010.
After acquisition, R&H Holdings will rehab the above mentioned single family
home and then market it for resale. The home will be a 3 bedroom, 2 bathroom
fully remodeled configuration at 1525 square feet. The finish out will meet or
exceed market for that area, featuring quality materials such as granite counter
tops, hardwood floors and will be the only home in the neighborhood with an in-
ground pool. The fact that we will list the property at the same price point as
average homes in the area, gives us a viably short turn around time and allows
us to move on to the next project.
PROJECT LOCATION— is located in Pflugerville, TX, just two
miles from HWY 1825 in zip code 78660. This provides quick and easy access to
downtown Pflugerville. The home is located in the center of the Pflugerville ISD,
which includes Park Crest Junior High School and Pflugerville High School. It’s also
just minutes away from the downtown Pflugerville shopping and dining area. This
area of Pflugerville continues to be a laid back staple of everyday life with
families, homes and businesses that have been a part of the community for
decades.
PROJECT FINANCIAL SUMMARY—The overall development strategy is to acquire
the property and begin remodeling immediately. The closing date for the
property is on or before February 25th, 2010.
The project capital structure for a phased rehab plan with incremental draws is
based on securing a 12 month, interest only hard money loan in the amount of
$110,000.00. R&H Holdings will have $20,000.00 to contribute to the overall
project costs of $130,000.00 and will be the sole guarantor of the hard money
loan, with total repayment to be finalized on or before February 25th, 2011.
2 | P a g e
AFTER REPAIRED VALUE: $150,000.00
PROJECT COSTS: $130,000.00 TOTAL
$85,000.00 PURCHASE PRICE
$25,000.00 REHAB COSTS
$8,500.00 CLOSING COSTS
$5,200.00 4 MONTHS LOAN PAYMENTS
$6,300.00 CONTINGENCY/INSURANCE
PROJECTED PROFIT: $20,000.00
For the $110,000.00 investment, a 13% annual interest only return is being offered
with 4 months of payments to be figured in up front. As mentioned in the Project
Financial Summary, R&H Holdings does have $20,000.00 to invest in the project;
however, we will consider offering an equity position - subordinate lien position to
majority lender - in the project for 13% (or $2,600.00). The 13% equity position will
be fully paid upon successful execution of ‘exit strategy’ employed; not to
exceed 12 months.
PROJECT EXIT STRATEGIES:
STRATEGY 1:
o Rehab, market and sell
o If goal is not achieved within 6 months, execute ‘Strategy 2’
STRATEGY 2:
o Refinance property through conventional means and pay off hard
money loan
o Give additional 2 months to sell property
Make any necessary price adjustments to move property
o If goal is not achieved within 60 days, execute ‘Strategy 3’
STRATEGY 3:
o Market for rental and add to ‘Buy and Hold’ portfolio. All net
positive cash flow will be directed to 13% equity partner while all
operational diligence will be applied to manage and maintain the
subject property’s value by guarantor.
3 | P a g e
COMPARATIVE MARKET ANALYSIS—There is sufficient data to support the
projected ARV as well as a strong LTV analysis. The floor plan for
is in the mid range for the area, which is in strong demand.
: SOLD COMPS
ADDRESS SqFt Sold Price Sold Date
1828 $162,950.00 1/11/2010
1780 $147,000.00 10/23/2009
1765 $155,000.00 08/18/2009
The average of the recent sales is $154,983.33. There have been adjustments
made for square footage, and it must be taken into consideration that
is the only home in the immediate area with an in-ground
swimming pool. The decision to list the remodeled home at $150,000 is not only
within comparable values, but due the quality of the finished product, will make
it the most desirable home in the area, prompting multiple offers.
ABOUT R&H HOLDINGS—R&H Holdings was officially formed in September 2009. A
Texas general partnership, it is lead by Harvey and Rosa Ryan. Both leaders have
extensive corporate America backgrounds, with Harvey Ryan having 5+ years of
extensive experience in the acquisition, remodel and sale of single family homes.
R&H Holdings has a close working relationship with H.I.S.R., Inc. and IFCOM, ran
by Bobby R. Howard and will be working closely with him on all future projects.
The geographic focus of the company is strictly in Central Texas, with the greater
Austin area the immediate priority. Full resumes and references available upon
request.
Short Term Investment Summary for Property Parkview
Before
Property Basics
Address
City/State/Zip
Bedrooms/Baths 3/2.0
Square Feet 1525
List Price $85,000.00
Market Value $158,096.00
Cost Per Square Foot $55.74
Mortgage Info First Second
Loan-to-Value Ratio 70.00% --
Loan Amount $110,000.00 --
Monthly Payment $1,239.33 --
Loan Type Hard Money --
Term 1 --
Interest Rate 13.00% --
Monthly PMI $0.00 --
Short Term Performance
Acquisition Expenses $6,000.00
Repair Expenses $25,095.00
Holding Expenses $3,000.00
Hedge Expenses $2,500.00
Sales Expenses $6,000.00
Total Expenses $42,595.00
Market Value $158,096.00
Expenses $42,595.00
Total Loan Payments $4,957.32
Prepayment Penalties $0.00
Balloon Payment $0.00
Mortgage Points $0.00
Expected Profit $20,000.00
Assignment Fee $0.00
Max Offer $90,543.68
Short Term Acquisition Expenses for Parkview
Appraisal
Title Exam
Title Insurance
Document Prep
Recording Fees
Down Payment
Loan Origination Fees
Closing Costs
Attorney Fees
Pre-Title Search
Termite Report
Survey
Transfer Fees
Prepaid Escrow
Inspection
House Insurance
Other
Percentage Method $6,000.00
Total Expenses (using Percentage Method) $6,000.00
Short Term Repair Expenses for Parkview
Floors - Carpet $1,660.00
Floors - Vinyl or Tile $1,230.00
Floors - Hardwood Floor $1,100.00
Walls - Interior Patch, Paint, and Trim $2,575.00
Walls - Trim and/or Window Area
Walls-Wallpaper
Kitchen-Sink and Base $450.00
Kitchen-Counter $1,025.00
Kitchen-Cabinets $2,000.00
Bathroom #1- Sink and Base $550.00
Bathroom #1-Vanity/Cabinet/Mirror $400.00
Bathroom #1- Tub $275.00
Bathroom #1-Toilet
Bathroom #1-Shower $270.00
Bathroom #1-Accessories $175.00
Plumbing-Kitchen $150.00
Plumbing-Bathroom #1 $225.00
Plumbing-Bathroom #2 $325.00
Plumbing-Bathroom #3
Plumbing-Hot Water Heater
Plumbing-Miscellaneous $610.00
Plumbing-Washer/Dryer/Hookup
Plumbing-Washer Sink Tub
Heat-Furnace
Heat-Ducts
Heat-Thermostat
Appliances-Stove $475.00
Appliances-Dishwasher $300.00
Appliances-Refrigerator $1,050.00
Appliances-Disposal $175.00
Electrical-Fuse Box
Electrical-Circuit Breaker
Electrical-Wiring $1,500.00
Foundation-Floor Joist
Short Term Repair Expenses (continued)
Foundation-Drainage
Attic-Water Damage
Attic-Ventilation
Attic-Insulation
Fireplace-Gas
Fireplace-Wood $50.00
Alarm System
Exterior $2,525.00
Roof-Shingles $650.00
Roof-Sheeting
Chimney
Exterior-Siding $1,550.00
Exterior-Water Damage
Door-Screen
Door-Main $200.00
Door-Patio $600.00
Window-Replacement
Gutters and DownSpouts
Landscaping $550.00
Carpentry $1,500.00
Garage $375.00
Driveway
Porch
Deck $475.00
Miscellaneous
Window-Glass
Window-Treatments
Smoke Detectors
Mailbox $50.00
Door-Knocker
Electrical-Bulbs $50.00
Exterior-Termite Damage
Other
Short Term Repair Expenses (continued)
Percentage Method
Total Expenses $25,095.00
Short Term Holding Expenses for Parkview
Electric/Hydro
Water
Taxes and Insurance
Grass Cutting
Snow Removal
Inspection
Cleaning
Other
Percentage Method $3,000.00
Total Expenses (using Percentage Method) $3,000.00
Short Term Hedge Expenses for Parkview
Hedge Expenses $2,500.00
Other
Percentage Method
Total Expenses $2,500.00
Property AddressCity County State Zip Code
Subject Photo Page
DrPflugerville Travis Tx 78660-2361
Subject Front
Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
DrN/A1,525732AverageTypical+/- 0.24 AcresAverage27 - Updated
Subject Rear
Subject Street
Borrower/Client
Lender
Subject Photo Page
DrPflugerville Travis Tx 78660-2361
Subject Front
Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
DrN/A1,525732AverageTypical+/- 0.24 AcresAverage27 - Updated
Subject Rear
Subject Street
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #13Main File No. 010525
Property AddressCity County State Zip Code
Subject Photos
DrPflugerville Travis Tx 78660-2361
Pool Exterior
Interior Interior
Interior Interior
Borrower/Client
Lender
Subject Photos
DrPflugerville Travis Tx 78660-2361
Pool Exterior
Interior Interior
Interior Interior
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #14Main File No. 010525
Property AddressCity County State Zip Code
Subject Photos
DrPflugerville Travis Tx 78660-2361
Interior Interior
Interior
Borrower/Client
Lender
Subject Photos
DrPflugerville Travis Tx 78660-2361
Interior Interior
Interior
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #15Main File No. 010525
Property AddressCity County State Zip Code
Location Map
DrPflugerville Travis Tx 78660-2361
Borrower/Client
Lender
Location Map
DrPflugerville Travis Tx 78660-2361
Borrower/Client
Lender
Property AddressCity County State Zip Code
Page #12Main File No. 010525
Uniform Residential Appraisal Report File #
SALE
S C
OM
PAR
ISO
N A
PPR
OA
CH
REC
ON
CIL
IATI
ON
There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s)My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach
Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.
Page 2 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
0105259 90,000 180,00019 85,000 190,000
Dr2361
N/A
AverageFee Simple+/- 0.24 AcresTypicalTraditionalAverage27 - UpdatedGood
7 3 21,525
NoneN/AAverageCentralTypical2 Car GarageCvPorch / Patio
Additional Features Inground PoolDays on Market 25
10/6/2009ForeclosureCAD & MLSAppraisal Date
603 Green Field CvPflugerville0.30 miles W
162,95089.14
MLS # 7289794CAD
CashNone1/11/2010AverageFee Simple+/- 0.25 AcresGreenbelt -5,000TraditionalAverage14Good
7 3 21,828 -12,120
NoneN/AAverageCentralTypical2 Car GarageSimilarNone +10,000186
-7,1204.416.6 155,830
None
CAD & MLSAppraisal Date
1000 Creekbend DrPflugerville0.38 miles NW
147,00082.58
MLS # 6745628CAD
ConventionalNone10/23/2009AverageFee Simple+/- 0.23 AcresAverageTraditionalAverage27 - UpdatedGood
7 4 21,780 -10,200
NoneN/AAverageCentralTypical2 Car GarageSimilarNone +10,00052
-2000.113.7 146,800
None
CAD & MLSAppraisal Date
801 Brookhollow DrPflugerville0.33 miles NW
155,00087.82
MLS # 6809678CAD
FHANone8/18/2009AverageFee Simple+/- 0.25 AcresAverageTraditionalAverage25 - UpdatedGood
7 3 21,765 -9,600
NoneN/AAverageCentralTypical2 Car GarageSimilarNone +10,0004
4000.312.6 155,400
None
CAD & MLSAppraisal Date
CAD & MLS
CAD & MLS
The Subject property has a foreclosure on 10/6/2009.
Subject and all three comparables are located in the same market area and are considered to appeal to thesame potential buyers. Comparables have been adjusted for site locations, gross living area, and exterior features. No other adjustments aredeemed necessary and none are made.
***The attached appraisal report is subject to completion of rehab. See attached budget / rehab list.***
150,000150,000 158,593
The Sales Comparison Approach is considered to give the most accurate indication of the current market value. Primary reliance placed on theSales Comparison Approach.
Date of Photographs/Inspection:February 05, 2010. Date of Appraisal: February 05, 2010.
150,000 February 05, 2010
0105259 90,000 180,00019 85,000 190,000
Dr2361
N/A
AverageFee Simple+/- 0.24 AcresTypicalTraditionalAverage27 - UpdatedGood
7 3 21,525
NoneN/AAverageCentralTypical2 Car GarageCvPorch / Patio
Additional Features Inground PoolDays on Market 25
10/6/2009ForeclosureCAD & MLSAppraisal Date
603 Green Field CvPflugerville0.30 miles W
162,95089.14
MLS # 7289794CAD
CashNone1/11/2010AverageFee Simple+/- 0.25 AcresGreenbelt -5,000TraditionalAverage14Good
7 3 21,828 -12,120
NoneN/AAverageCentralTypical2 Car GarageSimilarNone +10,000186
-7,1204.416.6 155,830
None
CAD & MLSAppraisal Date
1000 Creekbend DrPflugerville0.38 miles NW
147,00082.58
MLS # 6745628CAD
ConventionalNone10/23/2009AverageFee Simple+/- 0.23 AcresAverageTraditionalAverage27 - UpdatedGood
7 4 21,780 -10,200
NoneN/AAverageCentralTypical2 Car GarageSimilarNone +10,00052
-2000.113.7 146,800
None
CAD & MLSAppraisal Date
801 Brookhollow DrPflugerville0.33 miles NW
155,00087.82
MLS # 6809678CAD
FHANone8/18/2009AverageFee Simple+/- 0.25 AcresAverageTraditionalAverage25 - UpdatedGood
7 3 21,765 -9,600
NoneN/AAverageCentralTypical2 Car GarageSimilarNone +10,0004
4000.312.6 155,400
None
CAD & MLSAppraisal Date
CAD & MLS
CAD & MLS
The Subject property has a foreclosure on 10/6/2009.
Subject and all three comparables are located in the same market area and are considered to appeal to thesame potential buyers. Comparables have been adjusted for site locations, gross living area, and exterior features. No other adjustments aredeemed necessary and none are made.
***The attached appraisal report is subject to completion of rehab. See attached budget / rehab list.***
150,000150,000 158,593
The Sales Comparison Approach is considered to give the most accurate indication of the current market value. Primary reliance placed on theSales Comparison Approach.
Date of Photographs/Inspection:February 05, 2010. Date of Appraisal: February 05, 2010.
150,000 February 05, 2010
Uniform Residential Appraisal Report File #
SALE
S C
OM
PAR
ISO
N A
PPR
OA
CH
REC
ON
CIL
IATI
ON
There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. BathsRoom CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s)My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach
Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser’s certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.
Page 2 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
Page #3Main File No. 010525
Uniform Residential Appraisal Report File #
SUB
JEC
TC
ON
TRA
CT
NEI
GH
BO
RH
OO
DSI
TEIM
PRO
VEM
ENTS
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes NoReport data source(s) used, offering price(s), and date(s).
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics
Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow
One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
One-Unit HousingPRICE$ (000)
AGE(yrs)
LowHighPred.
Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe
Utilities Public Other (describe) Public Other (describe)ElectricityGas
WaterSanitary Sewer
Off-site Improvements - Type Public PrivateStreetAlley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit
Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)
FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement
Basement Area sq.ft.Basement Finish %
Outside Entry/Exit Sump PumpEvidence of Infestation
Dampness Settlement
Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens
Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot
Attic NoneDrop Stair StairsFloor ScuttleFinished Heated
Heating FWA HWBB RadiantOther Fuel
Cooling Central Air ConditioningIndividual Other
AmenitiesFireplace(s) #Patio/DeckPool
Woodstove(s) #FencePorchOther
Car Storage NoneDriveway # of Cars
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe
Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
010525
Dr Pflugerville Tx 78660-2361Travis
Lot 15 Blk B Brookhollow Sec 102744007090000 2008 N/ABrookhollow 12420 0018.36
None
Hard Money AppraisalWalter Capital Funding LLC 600 Round Rock West Drive #601, Round Rock, Tx 78681
The subject is currently listed for sale at $92,500. DOM - 25. MLS .
Contract not available
N/A N/A
50300+175
06025
75555
10Boundaries: City of Pflugerville, Texas and surrounding areas.
Marketability and appeal of properties in the neighborhood are average. Shopping and recreational facilities, access toemployment, schools, fire and police protection, garbage removal, street maintenance, protection from detrimental conditions and utility availabilityare adequate and acceptable.
General appearance and overall appeal of properties are average. No abnormal financingconditions are known. Neighborhood is part of local MLS area PF.
Plat not available +/- 0.24 Acres Rectangular TypicalA1 Single Family Residential
Asphalt
X 48453C0280H 9/26/2008
A survey was not provided and therefore no apparent adverse easements, encroachments, special assessments, slide areas, illegal or legalnonconforming use, are known. The highest and best use of the site and improvements is considered to be single family residential.
1
Traditional198312
None NtdN
Wood/GoodBrick/Siding/GoodComposition/GoodTypicalMetal/GoodTypicalTypical
WdLm/Tile/Cpt/NewSheetrock/GoodWood/GoodTile/NewFiberglass/Exclnt
Gas / Elec 1Patio
Inground
Wd Pvcy
2Concrete
2
7 3 2 1,525Subject to completion appraisal. See updates / budget list.
The functional utility of the subject floorplan isconsidered to be typical for the area. No items of physical, curable functional or external depreciation noted.
010525
Dr Pflugerville Tx 78660-2361Travis
Lot 15 Blk B Brookhollow Sec 102744007090000 2008 N/ABrookhollow 12420 0018.36
None
Hard Money AppraisalWalter Capital Funding LLC 600 Round Rock West Drive #601, Round Rock, Tx 78681
The subject is currently listed for sale at $92,500. DOM - 25. MLS .
Contract not available
N/A N/A
50300+175
06025
75555
10Boundaries: City of Pflugerville, Texas and surrounding areas.
Marketability and appeal of properties in the neighborhood are average. Shopping and recreational facilities, access toemployment, schools, fire and police protection, garbage removal, street maintenance, protection from detrimental conditions and utility availabilityare adequate and acceptable.
General appearance and overall appeal of properties are average. No abnormal financingconditions are known. Neighborhood is part of local MLS area PF.
Plat not available +/- 0.24 Acres Rectangular TypicalA1 Single Family Residential
Asphalt
X 48453C0280H 9/26/2008
A survey was not provided and therefore no apparent adverse easements, encroachments, special assessments, slide areas, illegal or legalnonconforming use, are known. The highest and best use of the site and improvements is considered to be single family residential.
1
Traditional198312
None NtdN
Wood/GoodBrick/Siding/GoodComposition/GoodTypicalMetal/GoodTypicalTypical
WdLm/Tile/Cpt/NewSheetrock/GoodWood/GoodTile/NewFiberglass/Exclnt
Gas / Elec 1Patio
Inground
Wd Pvcy
2Concrete
2
7 3 2 1,525Subject to completion appraisal. See updates / budget list.
The functional utility of the subject floorplan isconsidered to be typical for the area. No items of physical, curable functional or external depreciation noted.
Uniform Residential Appraisal Report File #
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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes NoReport data source(s) used, offering price(s), and date(s).
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics
Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow
One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
One-Unit HousingPRICE$ (000)
AGE(yrs)
LowHighPred.
Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe
Utilities Public Other (describe) Public Other (describe)ElectricityGas
WaterSanitary Sewer
Off-site Improvements - Type Public PrivateStreetAlley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit
Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)
FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement
Basement Area sq.ft.Basement Finish %
Outside Entry/Exit Sump PumpEvidence of Infestation
Dampness Settlement
Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens
Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot
Attic NoneDrop Stair StairsFloor ScuttleFinished Heated
Heating FWA HWBB RadiantOther Fuel
Cooling Central Air ConditioningIndividual Other
AmenitiesFireplace(s) #Patio/DeckPool
Woodstove(s) #FencePorchOther
Car Storage NoneDriveway # of Cars
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe
Page 1 of 6Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005
Page #2Main File No. 010525
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